Question : Who has propounded the law of diminishing marginal utility?
Option 1: Marshall
Option 2: AC Pigou
Option 3: Gossen
Option 4: Hicks and Allen
Correct Answer: Gossen
Solution : Gossen is the proponent of the Law of Diminishing Marginal Utility. The Law of diminishing marginal utility states that the marginal utility of a good or service declines as more of it is consumed by an individual.
Question : What is the First Law of Gossen?
Question : The law of diminishing marginal utility states that:
Question : What is the name of the law that causes the demand curve to slope downward?
Question : Which of the following is the basis of diminishing marginal utility?
Question : According to the law of diminishing marginal utility, as a consumer consumes more of a good:
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